- Autodesk, Inc. (NASDAQ: ADSK) announced this week that it has signed a definitive agreement to buy Pype. These are the details about the deal.
Autodesk, Inc. (NASDAQ: ADSK) announced this week that it has signed a definitive agreement to buy Pype — which is a provider of cloud-based solutions for automating construction project management workflows. This acquisition is going to empower general contractors, subcontractors, and owners to gain even more value from Autodesk Construction Cloud through the automation of critical construction workflows like submittals and closeouts to increase productivity and mitigate project risk.
Pype’s software suite reduces manual entry and human error issues that can lead to rework, cost overruns and schedule delays on construction projects. And the company’s technology leverages AI/ML to automatically analyze and extract critical construction data like project plans and specifications to be used throughout the project lifecycle. And by automating these traditional manual workflows and converting real-time data into actionable insights, construction teams have the power to increase collaboration and project efficiency. Some of Pype’s customers include Barton Malow, JE Dunn, McCarthy, Mortenson and Skanska, etc.
Since 2017, Autodesk invested in nine construction technology startups. And Autodesk also acquired Assemble, BuildingConnected, and PlanGrid. Just those three acquisitions totaled over $1.1 billion.
Autodesk Construction Cloud — which combines Assemble, BIM 360, BuildingConnected, and PlanGrid — is known as a powerful portfolio of software and services comprised of advanced technology. And with Autodesk’s established design authoring tools, Autodesk Construction Cloud connects headquarters, office, and field teams to increase collaboration and productivity.
Upon the completion of the acquisition, Autodesk plans to integrate Pype products with Autodesk Construction Cloud. And Pype’s product suite includes:
1.) AutoSpecs — Allows construction professionals to generate submittal logs in a matter of minutes
2.) Closeout — Accelerates the construction closeout process via an easy-to-use, centralized dashboard and automated document collection
3.) eBinder — Automatically converts hundreds of closeout documents into a fully indexed, hyperlinked and searchable turnover file
4.) SmartPlans — Extracts submittals, product schedules, and contract compliance requirements from drawings
The deal is subject to customary closing conditions and is expected to close during Autodesk’s third quarter of fiscal 2021, ending October 31, 2020.
KEY QUOTES:
“I could not be more optimistic about the future of the building industry. Even in challenging times such as those we are currently facing, Autodesk remains focused on making the jobs of people who build easier. Pype’s robust machine learning capabilities will empower Autodesk customers to connect workflows across the building lifecycle in new ways and optimize their businesses for long-term resiliency.”
— Andrew Anagnost, CEO of Autodesk
“We’re incredibly proud of the rapid growth Pype has experienced since its founding in 2015. We’ve launched four widely adopted solutions to-date, each rooted in our ongoing mission to automate manual construction workflows for increased productivity and reduced risk. Now as part of Autodesk, we look forward to expanding these automated capabilities to ensure construction teams efficiently progress through projects, from design to closeout.”
— Sunil Dorairajan, CEO and co-founder of Pype
“JE Dunn has been a pioneer at incorporating innovation to create and enhance robust digital and automated processes. Both Autodesk and Pype have been strategic partners throughout this digital journey, each with unique strengths and best-in-class solutions. Combining Autodesk’s construction management technology with Pype’s AI-powered project management capabilities will certainly accelerate the ongoing transformation of our industry.”
— John Jacobs, Chief Information Officer of JE Dunn
“Too many critical construction workflows are still performed manually by project teams, leading to inefficiencies and exposing companies to increased risk such as schedule delays and cost overruns. Pype’s software makes data both actionable and collaborative, allowing teams to build and automate workflows that increase on-time and on-budget project delivery. Following the acquisition, Pype will join our portfolio of best-in-class solutions that are widely used by the construction industry to manage the building lifecycle from design through to operations.”
— Jim Lynch, vice president and general manager of Autodesk Construction Solutions at Autodesk
“While risk is inherent in the construction business, leveraging artificial intelligence to automate tedious yet consequential data and processes significantly reduces project risk associated with human error. Together, Pype’s solutions with Autodesk Construction Cloud will enable customers across the industry to mitigate risk during each step of the building process.”
— Karuna Ammireddy, CTO and co-founder of Pype
